I am totally surprised and disappointed by all the negative comments about NACA. I have been a Realtor for over 14 years and I have worked the NACA program the last 4 years.
I am not a NACA Realtor but I sell many homes through the NACA program in the Dallas/Ft Worth Metroplex. Every client I have sent to NACA closed and closed on time. It's the Realtor's responsibility to assist their client through the process and if I have a buyer that is not willing to take the necessary steps to become a homeowner I simply do not waste my time and cut my losses. The buyer has a responsibility to keep their files current and follow the task list they are given by their loan consultant.
My most recent client went to the workshop on January 22nd, received their NACA ID via email the following week, paid their membership fee and credit report fee, uploaded all their documents, completed the online questionaire and scheduled their appointment for February 4th with the loan consultant and was approved the following week and we went to the approval workshop that Thursday to receive his apporval letter. It doesn't get any better than that. So my recommendation is rather than complaining about the process, do what it takes to get approved and use an experienced Realtor that understands the NACA process and you will close in 30 days from the date your contract is executed. NACA is the only program that has 100% financing, pays your closing costs and does not have mortgage insurance premiums and the lender now pays the $50 NSF fee that by the way benefits the buyer if you have a hardship and no credit score requirements.
So try to go FHA and it's not going to happen!!! Unless you have a 620 credit score, no late payments, no collections and by the way FHA requires collections to be paid now and the MIP is extremely high and it now stays with your mortgage payment for the life of the loan. So while you all are making such negative comments there are just as many buyers that are closing with NACA and moving in to their new home that you could have had if you just followed the guidelines. Nothing doesn't come without work involved.
So I highly recommend you think about what really went wrong with the NACA process and why you didn't stick with it. Could be you or an inexperienced Realtor trying to work the NACA program?
So if you live in the DFW Metroplex and you don't have a Realtor contact me if you are serious about purchasing a home thorugh NACA and I will be happy to meet with you for a oonsultation. Happy Homebuying, Alecia Smith, William Davis Realty 214-274-6056 email@example.com
Product or Service Mentioned: Naca Mortgage.